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Fortune Minerals confirms gold recovery from NICO concentrates
Fortune Minerals confirms gold recovery from NICO concentrates Canada NewsWire L...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nFortune Minerals confirms gold recovery from NICO concentrates\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLONDON, ON, May 3, 2019\n\n\n\nEnables lower capital cost start-up option of selling concentrates from the NICO mine site\nIssued Capital: 347,303,220\n LONDON, ON, May 3, 2019 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to report that it has completed a metallurgical test work program verifying that gold can be recovered from its cobalt and bismuth flotation concentrates at the proposed NICO mine site in the Northwest Territories. The base case development plan for NICO  is a vertically integrated project including a downstream refinery that was planned in Saskatchewan and where the gold would be recovered by cyanide leach of the autoclave process residues. The recent tests have indicated good gold recoveries can also be achieved from the cobalt and bismuth concentrates that would be produced at the mine site and enables the Company to sell concentrates without significant reduction of gold revenues. This is a key consideration should Fortune decide to defer construction of a refinery as a lower capital cost start-up option.\nLike our news? Click-to-Tweet.\nFortune has been in discussions with potential strategic partners and buyers for both of its cobalt and bismuth concentrates. Some of these potential buyers could not recover the gold that was contained in the concentrates and Fortune therefore needed to demonstrate that it could recover the gold at the mine site. This option has now been successfully validated.\nMetallurgical test work was completed at the Lakefield, Ontario facilities of SGS Canada Ltd. (\"SGS\"), where most of the NICO testing and pilot work has been conducted. The current work was performed to confirm earlier tests that were carried out by Dundee Sustainable Technologies last summer that had indicated attractive gold recoveries could be achieved by cyanidation of metal co...